EUR/USD Daily Outlook 31 JAN 2012

The EURO declined yesterday as mentioned in the weekly report, and tested the area around 1.3080, but it pulled back again and attacked 1.3200 level last night..

As said yesterday, according to the daily chart, the pair is going to fluctuate around EMA 50 for awhile with tends to be bullish before the big move (1.3377)…

Anyway, we should keep watching the daily close, 1.3116, 1.3061 and 1.3003 , a daily close above 1.3116 will keep the intraday trend very bullish , a daily close below 1.3061 will be a threat to the upward trend , a daily close below 1.3003 will eliminate the bullish trend and it may lead for a massive bearish move towards 1.2800/700 levels..

For the upside move, we need to watch 1.3206, 1.3265 and 1.3330, a daily close above 1.3206 should attack 1.3330 very easy?!!

What should we do?!!

Buy the pair between 1.3061/1.3116 or buy it with a daily close above 1.3206, selling the pair around 1.3200 is risky cause we are in upward trend, if you wanna short around 1.3200 ,your stop should be above 1.3330 or with a daily close above 1.3206?!!

Today I assume a retracement to the area 1.3165 according to CCI on hourly chart but I’m afraid that we might go down towards 1.3116 according to the daily chart, so you may buy at any of these levels, your stop 1.3050

Trend direction is Upward, the trend will remain valid as long as the daily close is above 1.3003, technical targets are around 1.3330/70 levels.

The trading range for today probably would be between the support level 1.3100 and the resistance level 1.3240..

Support: 1.3116, 1.3061, 1.3003

Resistance: 1.3206, 1.3265, 1.3330

Recommendations: Upon the chart and the explanation posted above; my recommendation is buying the pair at 1.3160 targeting 1.3240 & 1.3310, stop loss at 1.3050 or buying the pair at 1.3115 targeting 1.3190, stop loss at 1.3050

Silver Daily Outlook 31 JAN 2012

The silver pulled back from the suggested level in yesterday’s report 33.25/00 towards 33.80 , now we need to focus on one thing?!

These levels need to be watched: 32.74, 33.37 and 33.92, breaking of 33.92 would test 38.50 in medium term, so what should we do?!!

We should buy the pair around 33.37 or buy it with a daily close above 33.92, remember; breaking down of 32.74 would lead for a strong bearish move towards 31.00 levels?!

Trend direction is Upward; the trend will remain valid as long as the daily close is above 32.74 technical targets are around 33.92 levels.

The trading range for today probably would be between the support level 33.00 and the resistance level 34.00.

Support: 32.75, 33.10, 33.40

Resistance: 33.95, 34.55, 35.20

Recommendations: Upon the chart and the explanation posted above; my recommendation is buying the pair at 33.15 targeting 33.90, stop loss at 32.60.

Best Regards

Haitham653

Tuesday 31 JAN 2012  08:42 AM

Views: 629

Comment by No more on January 31, 2012 at 8:47am

Thanks

Comment by ROR on January 31, 2012 at 9:21am

Thank u...ur outlook is soooo useful

Comment by Haitham653 on January 31, 2012 at 9:24am

 Aleksey Muhanov & ROR ...many thanks and welcome ..

Comment by Haitham653 on January 31, 2012 at 12:02pm

EUR/USD: update 31 JAN 2012 12:02 PM

So fare, the pair is unable to make any close above 1.3206 , even 15 min?!!

stability below 1.3206 may test 1.3100 level once again , but the pair should pass 1.3160/35 to test 1.3100 ?!!

Anyway, remember the EMA 200 on hourly chart is moving slowly towards the area 1.3100/1.3070 , incase we test EMA 200 I think there will be an earthquake , and that would be the last drop before breaching above the main resistance at 1.3211 , we may pass this level with a long bullish candle 100 pips ..

Keep in mind stability above 1.3116 with a daily close above this level is indeed to keep the bullish trend intact ?!!

Comment by No more on January 31, 2012 at 1:46pm

Thanks, its means sell eu at 1.3175 tp 1.3110 sl 1.3250, buy eu at 1.3110 tp 1.3200, sl 1.3050?

 

Comment by Haitham653 on January 31, 2012 at 2:02pm

According to the 1 hour chart , we should test 1.3200/240 soon , incase we go down , I don't think the pair is able move lower than 1.3140 ?!!

Comment by Haitham653 on January 31, 2012 at 2:08pm

Hello Aleksey , selling the pair at 1.3175 may be risky a bit , the pair may pullback from 1.3140 , the best area to sell around 1.3200 to minimize risk and stop as you said at 1.3250 ?!!

Comment by Haitham653 on January 31, 2012 at 2:24pm

Hello pixa , I agree with you 100% , the level 1.3115 is very important , but what I care about this level is the daily close (GMT) , a close below this level may test 1.3000 level , stability above this level will keep the bullish trend intact as I explained in the main post , incase the pair moves below 1.3120 it may pullback strongly , so the daily close is very important?!! 

Comment by Haitham653 on January 31, 2012 at 2:35pm

Bullish breakout has been confirmed on the silver 30 min chart , the pair already breached above 34.00 level  , the EURO may follow the silver very soon after testing 1.3140 ?!!

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